Rio Tinto releases Q3 production results
(Posted on 18/10/19)
Rio Tinto chief executive J-S Jacques said “We have delivered improved production across the majority of our products in the third quarter, with a solid result at our Pilbara mines driving increased sales of iron ore into robust markets. Our strong value over volume approach, coupled with our focus on operational performance and disciplined allocation of capital, will continue to deliver superior returns to shareholders over the short, medium and long term.”
- Highlights include:
- Pilbara iron ore shipments of 86.1 million tonnes (100% basis) in the third quarter were 5% higher than the third quarter of 2018. Pilbara iron ore production of 87.3 million tonnes (100% basis) was 6% higher than the third quarter of 2018 and 10% higher than the previous quarter, reflecting a good recovery from the operational and weather challenges experienced earlier in the year.
- Third quarter bauxite production and shipments to third parties were 9% and 23% higher, respectively, than the same period of 2018. Bauxite production from non-managed Joint Ventures was lower than planned year to date.
- Aluminium production of 0.8 million tonnes was 3% lower than the third quarter of 2018, primarily reflecting a preventive safety shutdown at one of the three pot-lines at ISAL in Iceland and earlier than planned pot relining at Kitimat in British Columbia, Canada.
- Mined copper production of 158 thousand tonnes was 1% lower than the third quarter of 2018, but 15% higher than the second quarter, reflecting higher grades at Kennecott and improved throughput at Escondida.
- At the Oyu Tolgoi underground project, the primary production shaft (shaft 2) remains on track for commissioning this month. Since July 2019, we have completed key infrastructure, including the central heating plant, the shaft 2 jaw crusher system and the surface discharge conveyor. Work continues on the mine re-design.
- Titanium dioxide slag production of 321 thousand tonnes was 8% higher than the third quarter of 2018, reflecting a continued improvement in operational performance and the restart of furnaces in 2019.
- Third quarter production at Iron Ore Company of Canada was 3% higher than the corresponding quarter of 2018 and 17% higher than the previous quarter, reflecting a return to normal operating conditions following the flooding incident which impacted June.
- Guidance is unchanged, with the exception of bauxite production, which has been revised to around 54 million tonnes (previously 56 to 59 million tonnes), and alumina production, which has been revised to around 7.7 million tonnes (previously 8.1 to 8.4 million tonnes).
- On 25 September 2019, Rio Tinto announced the signing of a Memorandum of Understanding with China Baowu Steel Group and Tsinghua University to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain.
- Third quarter exploration and evaluation spend was $177 million, 62% higher than the same period of 2018, primarily reflecting increased activity on advanced projects.
Latest News
Canadian tariffs on Chinese steel and aluminium products enter into force
(Posted on 26/10/24)Tariffs on Chinese steel and aluminium products have entered into force following rigorous examination... Read more
Increased copper and iron ore production for BHP
(Posted on 19/10/24)BHP have released their operational review for the quarter ended 30 September 2024.BHP Chief Executive... Read more
Safety a priority as Rio Tinto releases Q3 production results
(Posted on 18/10/24)Rio Tinto is continuing to prioritise learning from safety incidents to improve the effectiveness of... Read more
IFA and Proba launch global programme for GHG emissions reduction
(Posted on 14/10/24)The International Fertilizer Association (IFA) is partnering with supply chain decarbonization startup... Read more
Export Exchange 2024 wraps up as trade teams head across the USA
(Posted on 14/10/24)Export Exchange 2024, sponsored by the U.S. Grains Council (USGC), Growth Energy and the Renewable Fuels... Read more
MPA welcomes UK Government’s commitment to fund CCUS
(Posted on 08/10/24)The Mineral Products Association (MPA) has welcomed the Government’s pledge to fund the launch... Read more
Glencore’s Stephen Rowland elected Chair of ICA’s Board
(Posted on 08/10/24)The Board of Directors of the International Copper Association (ICA) has elected Stephen Rowland, Glencore... Read more
NGFA highlights ‘trifecta of transportation trouble’ for US agriculture
(Posted on 01/10/24)Potential disruptions to the nation’s shipping infrastructure could have a devastating effect... Read more
ADM adds non-GM capabilities in Hungary
(Posted on 01/10/24)ADM has announced that it has reached an agreement to acquire Vandamme Hungaria Kft and its related... Read more
Richard Holtum to become Trafigura CEO from 1 January 2025
(Posted on 25/09/24)Trafigura Group Pte Ltd has announced that Richard Holtum will become Chief Executive Officer (CEO)... Read more